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Yacht discovered among failed biotech outfit’s assets

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A biotechnology outfit whose key companies tumbled into administration spent $1.2 million on a two-deck motor yacht, new documents reveal.

Creditors have asked why such an “unnecessary expense” was chalked up by entities within biotechnology outfit iQ Group Global, a question the administrators said they would investigate.

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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com

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    Original URL: https://www.afr.com/companies/healthcare-and-fitness/yacht-discovered-among-failed-biotech-outfit-s-assets-20220405-p5ab27